Insuring Environmentally Stressed Real Estate
Insuring environmentally stressed real estate can seem contradictory because insurance itself often contributes to the stress. Insuring coastal properties and their structures is becoming increasingly difficult and expensive. Fewer companies offer insurance in coastal regions, and those that do may impose high storm deductibles and limited coverage. Comprehensive coverage, while available, is typically expensive but often the only viable option. Given my exclusive focus on coastal regions, all our partnered companies offer coverage throughout Virginia. Flood Insurance through the National Flood Insurance Program (NFIP) is fully backed and guaranteed by the federal government.
- Environmentally stressed real estate
- Apartment buildings and complexes
- Condominium associations
- Small commercial buildings
Apartment Buildings and Complexes
I am uniquely qualified to provide flood insurance for apartment buildings and complexes. As both a flood insurance agent and a flood mitigator, I aim to offer my clients the best coverage and the best wet and dry flood proofing strategies. These strategies help building owners achieve faster recovery times from flood events, ensuring continuous rental income. Dry flood proofing keeps water out entirely, while wet flood proofing allows water to flow in and out, stabilizing pressure to prevent structural damage. Using water-resistant materials facilitates quick cleanup, making lower floors ready for reentry faster.
Condominium Associations
Flood insurance for Homeowner Associations (HOAs) is among the most complex in the residential market. FEMA and private sector guidelines vary between structures with four or fewer units and larger buildings. For larger buildings, individual owners may purchase their own policies, or the HOA may purchase a master plan covering each building, with unit owners buying individual flood policies for their contents. I work with individual unit owners, HOA leadership, and legal guidelines to determine the best coverage approach.
Small Commercial Buildings
Small commercial buildings must have flood insurance if they have a federally backed mortgage or if a commercial loan stipulates it. Some business owners purchase flood insurance voluntarily. These policies function similarly to residential policies but offer higher coverage amounts. I am exceptionally qualified in this area, bringing expertise that helps business owners mitigate their buildings to protect assets like inventory and prevent structural damage. Using flood-proof materials enables businesses to resume operations faster than competitors after a flood event.